Photo: Andrea_44 (Flickr)
General Motors plans to invest about $27 million in a Bedford plant to buy production equipment for casting.
Patrick Robbins is President of the Bedford Redevelopment Commission and a member of the Bedford City Council.
He says the Economic Revelopment Commission has recommended a 100 percent tax abatement over a ten-year period on the investment.
He says if the county council approves the proposal, it could save GM $1.9 million over 10 years.
“General Motors is very important to our economics here in Lawrence County and Bedford. We have been very supportive of General Motors in seeing that they stay here in Bedford,” says Robbins.
Robbins says the Bedford City Council will review the recommendation in its August 12 meeting.
Robbins says if the county council approves, it would be the first time the county would completely forgo collecting taxes for ten years. Typically the company must start paying taxes on an investment gradually over a period of several years.